Wyloo Metals, part of Australian private investment group Tattarang, has outlined its commitment to long-term investments in Canada, as it seeks to tap into the “once-in-a-generation opportunity” of the country to establish itself as a major player in the battery metals space.
Wyloo, which recently announced a planned offer for nickel junior Noront Resources, has committed C$25-million towards feasibility studies to investigate the potential for battery material production in Ontario.
The proposed hub, the company says, will be developed in consultation with regional stakeholders and First Nations to create battery material supply chain capabilities.
First Nations stand to benefit from C$100-million in contract awards, the investment firm states, adding that a training and employment centre will guarantee job opportunities.
Should Wyloo succeed in buying Noront Resources, it will develop its Eagle’s Nest mine as a net-zero operation.
“Our proposed future metals hub provides the cornerstone for a globally relevant battery material supply chain in Canada, while creating economic opportunities for local communities to thrive,” says Wyloo head Luca Giacovazzi.
Noront last week adopted a shareholder rights plan in the wake of Wyloo's announcement of an unsolicited offer. The company has ownership of, or a controlling interest in, all the major discoveries in the Ring of Fire – an emerging multi-metals area located in the James Bay Lowlands of northern Ontario.
Eagle’s Nest is the largest high-grade nickel discovery in Canada since Voisey’s Bay and the most advanced project in the Ring of Fire.
Noront's other projects are the Blackbird and Black Thor chromite deposits in conjunction with a ferrochrome production facility in Sault Ste. Marie.